K E E P L I F E
I N M O T I O N
EARNINGS
RELEASE
4Q24
K E E P L I F E I N M O T I O N
Caxias do Sul, March 18, 2025. Frasle Mobility (Fras-le S.A. - B3: FRAS3) discloses its results for the fourth quarter of 2024 (4Q24) and twelve months of 2024 (2024). The Company`s Financial Information is consolidated in accordance with international standards IFRS - International Financial Reporting Standards and monetary vales are expressed in Reais, unless otherwise indicated. Comparisons are made with the fourth quarter of 2023 (4Q23) and twelve months of 2023 (2023).
H I G H L I G H T S
NET REVENUE (R$)
4.0 B
+17.0% vs. 2023 GUIDANCE R$ 3.7 - 4.0 B
INTERNATIONAL MARKET1 (US$)
289.7 M
+17.7% vs. 2023
GUIDANCE US$ 250 - 290 M
ADJUSTED EBITDA (R$)
729.0 M
+9.7% vs. 2023
ADJUSTED EBITDA MARGIN 18.4%
GUIDANCE 17 - 21 %
INVESTMENTS2 (R$)
165.8 M
+24.0% vs. 2023
GUIDANCE R$ 130 - 170 M
MARKET CAP (12/31/2024) R$ 5.5 B
CLOSING QUOTE "FRAS3" R$ 20.50
FREE FLOAT 33.2%
Videoconference of Results 4Q24
March, 19, 2025 (Wednesday)
11 am Brasília
09 am New York
02 pm London
WEBCAST (Portuguese/English): Click here
Hemerson Fernando de Souza - IRO
Jéssica Cristina Cantele
Mariana Pimentel Guimarães
Mônica Rech
Renata Schwaizer
Investor Relations ri.fraslemobility.com ri@fraslemobility.com
FORWARD-LOOKINGSTATEMENTS. The statements contained in this report regarding FRASLE MOBILITY's (FRAS-LE S.A.) business prospects, projections and results and the company's growth potential are merely forecasts and were based on management's expectations regarding the Company's future. These expectations are highly dependent on changes in the market, the general economic performance of the country, the sector, and international markets, and may undergo changes.
- Value referring to the sum of exports out of Brazil and revenues from operations abroad, net of intercompany operations;
- Value referring to organic investments.
EARNINGS RELEASE 4Q24
FRASLE MOBILITY UNIVERSE
I N V E S T O R D AY
Frasle Mobility Universe 2024 took place in a hybrid manner on December 4, gathering investors and capital market analysts in the city of Caixas do Sul, in the State of Rio Grande do Sul. The event's fifth edition aimed at bringing investors closer to the Company's business, innovation, sustainability and long-term planning strategies. The replay of the event is available on Frasle Mobility's official YouTube channel.
M A R C A S D A O F I C I N A / C I N A U A W A R D
Our brands stood out in the award ceremony, securing first place as the most purchased and recognizable brand.
Brake pad
Tie rod, tie rod end outer, and suspension pivot
S U S T A I N A B L E C A L D E I R A V E R D E P R O J E C T
In December, our Caxias do Sul manufacturing plant located in the State of Rio Grande do Sul inaugurated the Caldeira Verde project. It consists of replacing the use of natural gas with biomass to generate the steam needed in the process of pressing brake pads and linings. The initiative is responsible for reducing the operation's greenhouse gas emissions, representing a 60% reduction in its own emissions and half of the target set by its parent company Randoncorp.
Disc brake
Master cylinder, and vaccum booster
M A I O R E S D O T R A N S P O R T E & M E L H O R E S D O
T R A N S P O R T E 2 0 2 4 A W A R D
Best truck and bus parts manufacturer
S U B S E Q U E N T E V E N T S
C O N C L U S I O N O F T H E
A C Q U I S I T I O N
In January, we concluded the acquisition of KUO Refacciones, the leader in the Mexican automotive market. Now renamed Dacomsa, the operation received around R$2.2 billion in investments and has the structure of the engine parts manufacturing operations of the local brands Moresa and TF Victor, leaders in the supply of engine pistons and gaskets, with two production plants in the State of Guanajuato, and the friction materials production operations of the Fritec brand, leader in the supply of brake pads and shoes, with plants in Mexico City. With this move, Frasle Mobility will consolidate its leading position in the three main markets for the automotive aftermarket industry in Latin America, that is, Brasil, Mexico and Argentina.
EARNINGS RELEASE 4Q24
MESSAGE FROM MANAGEMENT
In 2024, Frasle Mobility was consolidated as a company with consistent growth, driven by a portfolio of leading brands and a successful geographic expansion strategy. Evidence of that is our growth rate, which has remained above two-digit figures since 2018, reflecting the strength and resilience of our business model and its management team. Our end-of-year results reached the top of our guidance, while maintaining healthy margins, thus reaffirming our DNA of growth with sustainability.
The progress made in 2024 paves the way for a new cycle of expansion for Frasle Mobility. However, we know that to sustain this pace, we need to continually seek new growth drivers. At this point, much of this growth has already been promoted through the completion of the acquisition of Dacomsa, consolidating a solid foundation for the coming years. We reiterate, as we do year after year, our commitment to innovation and the sustainability of our growth, keeping life in motion and projecting an even more robust future.
Even in the face of significant challenges, such as the floods that impacted our operations and global logistical obstacles, we were able to advance and grow in several product lines, with emphasis on light-duty brake pads and shock absorbers. This performance reaffirms Frasle Mobility's ability to adapt and overcome adversity, building up even more the trust of our customers and partners.
We reached the end of year with important organizational changes, preparing the Company for a path of even greater relevance and scale. Frasle Mobility is shaping up to be a much larger company, strengthening its position in the global market. We remain confident and committed to creating value for our stakeholders. We continue to evolve, innovate and grow, ready for the challenges and opportunities that the future holds for us.
EARNINGS RELEASE 4Q24
"We reiterate, as we do year after year, our commitment to innovation and the sustainability of our growth, keeping life
in motion and
projecting an even
more robust future…"
4
MAIN FIGURES
4Q24 | 4Q23 | Δ % | 3Q24 | Δ % | 2024 | 2023 | Δ % | ||||
741.3 | 1,036.5 | 3,965.8 | 3,388.7 | ||||||||
Net Revenue | 1,107.8 | 49.4% | 6.9% | 17.0% | |||||||
Domestic Market | 668.6 | 555.5 | 20.4% | 647.8 | 3.2% | 2,403.6 | 2,156.5 | 11.5% | |||
Foreign Market | 439.2 | 185.8 | 136.4% | 388.7 | 13.0% | 1,562.2 | 1,232.2 | 26.8% | |||
Foreign Market US$ | 75.3 | 37.0 | 103.9% | 70.1 | 7.5% | 289.7 | 246.1 | 17.7% | |||
Exports - Brazil US$ | 38.5 | 26.7 | 44.5% | 31.1 | 23.7% | 125.0 | 108.5 | 15.2% | |||
Gross Profit | 394.4 | 202.6 | 94.6% | 330.9 | 19.2% | 1,330.5 | 1,138.6 | 16.9% | |||
Gross Margin | 35.6% | 27.3% | 8.3 pp | 31.9% | 3.7 pp | 33.5% | 33.6% | -0.1 pp | |||
Operating Profit | 171.4 | 81.4 | 110.5% | 154.2 | 11.2% | 519.2 | 542.6 | -4.3% | |||
Operating Margin | 15.5% | 11.0% | 4.5 pp | 14.9% | 0.6 pp | 13.1% | 16.0% | -2.9 pp | |||
EBITDA | 220.4 | 113.1 | 94.8% | 191.2 | 15.3% | 677.9 | 667.2 | 1.6% | |||
EBITDA Margin | 19.9% | 15.3% | 4.6 pp | 18.4% | 1.4 pp | 17.1% | 19.7% | -2.6 pp | |||
Net Profit | 135.1 | 93.9 | 43.8% | 89.0 | 51.8% | 374.7 | 388.7 | -3.6% | |||
Net Margin | 12.2% | 12.7% | -0.5 pp | 8.6% | 3.6 pp | 9.4% | 11.5% | -2.0 pp | |||
Adjusted EBITDA | 217.0 | 98.0 | 121.6% | 195.4 | 11.1% | 729.0 | 664.7 | 9.7% | |||
Adjusted EBITDA Margin | 19.6% | 13.2% | 6.4 pp | 18.9% | 0.7 pp | 18.4% | 19.6% | -1.2 pp | |||
Investments | 79.9 | 59.6 | 34.1% | 44.2 | 80.9% | 165.8 | 133.7 | 24.0% | |||
ROIC | 15.6% | 19.3% | -3.7 pp | 12.9% | 2.7 pp | 15.6% | 19.3% | -3.7 pp | |||
Values in R$ million (except for exports, profit per share and percentage) | |||||||||||
4Q20 | 4Q19 | Δ % | 4Q19 | Δ % | 2020 | 2019 | Δ % | ||||
4Q24 | 4Q23 | Δ % | 3Q24 | Δ % | 2024 | 2023 | Δ % | ||||
Average price of the US dollar | 5.84 | 4.95 | 18.0% | 5.55 | 5.4% | 5.39 | 4.99 | 7.9% | |||
BUSINESS OVERVIEW IN THE QUARTER
In the fourth quarter of 2024, we reached a 49.4% growth in net revenue compared to the same period of the previous year. It is important to note that when looking at quarter-to-quarter comparison, we see that political and economic factors in Argentina affected the results due to the accounting effects of hyperinflation and currency devaluation, impacts that were widely disclosed by the Company.
Isolating this factor, our growth over the fiscal years is sustained by our business diversification strategy, combined with our strong brands, customer relationships and operational management focused on efficiency and productivity of our plants.
Maritime transport and logistics have shown great improving this quarter, releasing pent-up demand for co- manufactured products and again boosting exports, especially to the Argentine and North American markets. In the domestic market, the replacement segment remained buoyant, driven by the high demand for repairs in auto repair shops. In addition, our operations around the world saw gains related to new business acquisitions, as a result of the work initiated in previous cycles.
EARNINGS RELEASE 4Q24 | 5 |
SALES PERFORMANCE
VOLUMES AND NET REVENUE BY PRODUCT FAMILY
VOLUMES
Friction Material
Components for the Brake System
Components for the
Suspension, Steering and Powertrain
Sales Volumes by Product Line in millions of pieces
4Q24 | 4Q23 | Δ % | 3Q24 | Δ % | 2024 | 2023 | Δ % | |||||
28.4 | 27.3 | 4.2% | 28.1 | 0.9% | 108.1 | 104.8 | 3.2% | |||||
2.8 | 2.5 | 13.0% | 3.0 | -5.5% | 10.6 | 9.5 | 10.9% | |||||
5.7 | 4.7 | 23.6% | 5.8 | -0.4% | 21.5 | 19.4 | 10.5% | |||||
REVENUE | |
Friction Material | |
Components for the Brake System | |
NET | Components for the |
Suspension, Steering and Powertrain | |
Other products * | |
Net Revenue |
*The components are detailed at the end of this report.
Sales Revenue by Material in R$ million
4Q24 | 4Q23 | Δ % | 3Q24 | Δ % | 2024 | 2023 | Δ % | ||||||||||
506.5 | 45.7% | 361.9 | 48.8% | 39.9% | 480.2 | 46.3% | 5.5% | 1,873.4 | 47.2% | 1,635.4 | 48.3% | 14.6% | |||||
216.8 | 19.6% | 153.4 | 20.7% | 41.4% | 224.3 | 21.6% | -3.3% | 787.8 | 19.9% | 676.0 | 19.9% | 16.5% | |||||
329.8 | 29.8% | 213.0 | 28.7% | 54.8% | 291.7 | 28.1% | 13.1% | 1,126.5 | 28.4% | 948.6 | 28.0% | 18.8% | |||||
54.7 | 4.9% | 13.0 | 1.8% | 321.0% | 40.3 | 3.9% | 35.6% | 178.0 | 4.5% | 128.7 | 3.8% | 38.4% | |||||
1,107.8 | 100.0% | 741.3 | 100.0% | 49.4% | 1,036.5 | 100.0% | 6.9% | 3,965.8 | 100.0% | 3,388.7 | 100.0% | 17.0% |
Friction volume has changed in total for 2023 due to the reclassification of intercompany sales and accounting for sets for parts.
The Company ended 4Q24 with continued growth in volume and revenue. Highlights by product family are:
Friction Materials:
Brake linings for commercial vehicles helped increase the revenue, mainly in exports, with an increase in volumes and exchange rate impact.
Brake pads for heavy vehicles showed growth driven by the new premium lines for trucks, buses and light commercial vehicles.
In the light vehicle segment, brake pads continue to contribute positively to the result, both in volume and revenue, driven by the high demand for repairs in workshops.
Brake System Components:
Brake discs showed a positive outlook at the end of 4Q24: resumption of exports and the work of repositioning the product in the market. The drop between 4Q24 and 3Q24 is related to the automakers' vacations and the shutdown of the manufacturing plant in December for maintenance work, a common procedure in the foundry sector.
The Controil unit advances in this internationalization strategy and in the expansion of its portfolio, covering both the development of new products and the acquisition of co-manufactured products.
Suspension, Steering and Powertrain components:
The growth in revenue and volume is supported by the pent-up demand for co-manufactured products caused by the global logistics crisis and by mix. The Extrema site ends the 2024 cycle with market share gains in the domestic market and the strengthening of its product portfolio.
Other products:
In this quarter, Composs began its internationalization process with exports to Argentina. At the same time, it continues to invest in the research and development of new technologies applied to products.
EARNINGS RELEASE 4Q24 | 6 |
NOTE: It is important to highlight that the performance of sales revenue by material family does not necessarily reflect the same behavior in volumes, as we have to consider the effects of exchange rate variations, product mix and prices charged. It is also important to remember that, in 4Q23, the Argentine peso suffered a strong devaluation (360,68 USD/ARS 12/01/2023 vs. 808.45 USD/ARS 12/29/2023), negatively impacting revenues in the amount of R$114.3 million (history available in our modeling guide). For more details on product families, see Annex IV.
Below is a graph in causal format showing the effects that modified the performance of consolidated net revenue in 4Q24, as compared to 4Q23.
Net Revenue | |||||||
113.1 | 135.7 | 46,6 | 1,057.0 | 27.2 | 23.5 | 1,107.8 | |
741.3 | |||||||
4 Q 2 3 | D o m es t i c | F o r ei g n | E x ch a n g e | 4 Q 2 4 |
M a r k et | M a r k et | Ra t e |
Amounts in BRL Millions. ¹ Economic update in highly inflationary economy as provided for in CPC 42/IAS 29.
I n f l a t i o n ¹ | D ev a |
A p p r | |
E xch a | |
Argentina |
l u a t i o n / | 4 Q 24 |
eci a t i o n | |
n g e r a t e¹ |
REVENUE BY MARKET
Net Revenue by Markets | |||||||||||||
Markets | 4Q24 | 4Q23 | Δ % | 3Q24 | Δ % | 2024 | 2023 | Δ % | |||||
DM Aftermarket | 602.4 | 54.4% | 501.7 | 67.7% | 20.1% | 580.9 | 56.0% | 3.7% | 2,162.4 | 54.5% | 1,946.5 | 57.4% | 11.1% |
DM OEM | 66.2 | 6.0% | 53.8 | 7.3% | 23.0% | 66.9 | 6.5% | -1.0% | 241.1 | 6.1% | 210.0 | 6.2% | 14.8% |
Domestic Market | 668.6 | 60.4% | 555.5 | 74.9% | 20.4% | 647.8 | 62.5% | 3.2% | 2,403.6 | 60.6% | 2,156.5 | 63.6% | 11.5% |
FM Aftermarket | 388.5 | 35.1% | 143.0 | 19.3% | 171.7% | 335.8 | 32.4% | 15.7% | 1,345.1 | 33.9% | 1,037.7 | 30.6% | 29.6% |
FM OEM | 50.7 | 4.6% | 42.8 | 5.8% | 18.4% | 52.9 | 5.1% | -4.3% | 217.2 | 5.5% | 194.4 | 5.7% | 11.7% |
Foreign Market | 439.2 | 39.6% | 185.8 | 25.1% 136.4% | 388.7 | 37.5% | 13.0% | 1,562.2 | 39.4% | 1,232.2 | 36.4% | 26.8% | |
Total Aftermarket Net Revenue | 990.8 | 89.4% | 644.6 | 87.0% | 53.7% | 916.7 | 88.4% | 8.1% | 3,507.5 | 88.4% | 2,984.2 | 88.1% | 17.5% |
Total OEM Net Revenue | 116.9 | 10.6% | 96.6 | 13.0% | 21.0% | 119.8 | 11.6% | -2.4% | 458.3 | 11.6% | 404.4 | 11.9% | 13.3% |
Total Net Revenue | 1,107.8 | 100% | 741.3 | 100% | 49.4% | 1,036.5 | 100% | 6.9% | 3,965.8 | 100% | 3,388.7 | 100% | 17.0% |
Values in R$ million |
Note: Reclassification of intercompany revenue eliminations modified the result of the Revenue lines in the Domestic and Foreign Market in 2023. The changes made are highlighted in the Company'sModeling Guide.
Domestic Market (DM)
Replacement
The increase in sales of used vehicles in 4Q24 generated greater demand for repairs in the auto repair shops, strengthening the replacement segment, especially the brake pad line.
Recovery of demand affected by logistical problems, in 3Q24. In addition, the Extrema (MG) site increased its market share by expanding its customer network and diversifying its portfolio.
Automakers
New business approved during 2024 drives the growth of the brake pad line for light vehicles in the OES (Original Equipment Supplier) market this quarter.
EARNINGS RELEASE 4Q24 | 7 |
Compared to 4Q23, the stronger domestic market for new trucks contributed to revenue growth.
International Market (IM)
Replacement
The crisis in ports faced in the third quarter encouraged the American market to replenish safety stocks, a factor that benefited Brazilian exports.
The appetite for imported products in Argentina improved, benefiting Brazilian exports. In addition, the rise in the US dollar also contributed to the result.
Automakers
The drop between 4Q24 and 3Q24 is related to the lack of operations at ports and the difficulty in serving the American market. Despite these specific challenges, exports remain strong, especially for the commercial vehicle brake lining.
India operation is also a highlight in terms of increasing market share in the commercial vehicle brake lining. The gains are attributed to the quality of the product.
REVENUE BREAKDOWN ACROSS THE GLOBE
NORTH AMERICA | EUROPE AND EURASIA |
4Q24 | 11.2% |
4Q24 | 7.7% |
4Q23 | 13.1% |
4Q23 8.3% | |
CENTRAL AMERICA
AND THE CARIBBEAN | ASIA-PACIFIC | |||||
4Q24 | 1.0% | 4Q24 | 2.8% | |||
4Q23 | 1.0% | 4Q23 | 3.9% | |||
BRAZIL | AFRICA | |||||
AND MIDDLE EAST | ||||||
4Q24 | 60.4% | |||||
SOUTH AMERICA W/ BRAZIL | 4Q24 | 1.1% | ||||
4Q24 | 16.0% | 4Q23 | 74.9% | 4Q23 | 1.3% | |
4Q23 | -2.5% | |||||
EARNINGS RELEASE 4Q24 | 8 |
North America: The reduced revenue in our United States operation is due to maritime logistics issues faced in 3Q24, which affected the availability of the product mix in our inventories for sale in 4Q24.
South America: The scenario in Argentina was positive in 4Q24. The subsidiary worked on portfolio development, sales team and inventory equalization, reversing the negative result of 4Q23 caused by the exchange rate devaluation in the country.
Europe and Eurasia: When comparing quarter-over-quarter the drop in the share percentage is connected to the increase in the representation of other geographies. However, operations on the continent grew in revenue, driven by the increased sales in the European used car market. In addition, portfolio development efforts continue to be made.
Asia: The percentage reduction in revenue is associated with the increased representation of other regions and the strengthening of exports, especially to Europe, from our operation in China. Meanwhile, the operation in India remains active in new business, with emphasis on advances in the Original Equipment Manufacturer segment.
OPERATING PERFORMANCE
COST OF GOODS SOLD (COGS) AND GROSS PROFIT
In 4Q24, cost of goods sold totalled R$ 713.4 million, accounting for 64.4% of net revenue, and resulted in gross profit of R$ 394.4 million and gross margin of 35.6%, 8.3 percentage points higher than in the same period of the previous year. The chart below shows the composition of COGS and the main highlights.
12% | 15% | Raw Materials | |||
5% | 6% | Labor | |||
3% | |||||
3% | 4Q23 | ||||
4Q24 | Depreciation | ||||
13% | |||||
16% | 60% | Other fixed Costs | |||
67% | Other Variable Costs | ||||
*General Manufacturing Expenses |
In this quarter, with the removal of the PAIS (For an Inclusive and Solidary Argentina) tax, which was levied on imported goods, there was a reversal of R$1.9 million in the COGS. The changes in Argentine economic scenario and their inflationary effects are detailed in ourmodeling guide.
Exchange rate variations stimulated the increase in logistics costs, and co-manufactured products influenced the increase in raw materials.
Gross Profit
Gross Margin
394.4
289.7 315.5 330.9
202.6
34.4% | 32.2% | 31.9% | 35.6% |
27.3% |
4Q23 1Q24 2Q24 3Q24 4Q24
CAGR 4Q23/4Q24 +18.1% | 4Q23/4Q24 +94.6%
EARNINGS RELEASE 4Q24 | 9 |
Greater dilution of fixed costs, favored by the increase in working days and production volume. It is worth noting that, in December 2023, the Company upgraded the SAP ECC ERP to SAP HANA ERP, impacting the reduction in the number of working days.
Despite the aforementioned effects, the growth in gross margin is ensured by productivity initiatives and efficient cost management. An example of this is Fremax subsidiary, which showed a reduction in the electricity bill, in addition to reducing GHG emissions, as a result of an agreement with the city's government agency for the benefit of the energy substation, scheduled to open in the second half of 2025.
OPERATING EXPENSES AND REVENUES
0 | 4Q24 | 4Q23 | Δ % | 3Q24 | Δ % | 2024 | 2023 | Δ % | |||||
Selling Expenses | -129.4 | -11.7% | -72.0 | -9.7% | 79.7% | -101.2 | -9.8% | 27.8% | -404.7 | -10.2% | -313.0 | -9.2% | 29.3% |
Variable Expenses w/ Sales | -43.2 | -3.9% | -28.8 | -3.9% | 49.9% | -36.5 | -3.5% | 18.2% | -142.8 | -3.6% | -115.2 | -3.4% | 24.0% |
Other Expenses w/ Sales | -86.2 | -7.8% | -43.2 | -5.8% | 99.7% | -64.7 | -6.2% | 33.3% | -262.0 | -6.6% | -197.9 | -5.8% | 32.4% |
Administrative Expenses | -85.5 | -7.7% | -66.7 | -9.0% | 28.3% | -80.9 | -7.8% | 5.7% | -317.4 | -8.0% | -250.0 | -7.4% | 27.0% |
Other Net Expenses/Income | -8.3 | -0.7% | 17.7 | 2.4% | -146.8% | 5.0 | 0.5% | -266.9% | -89.6 | -2.3% | -32.5 | -1.0% | 175.6% |
Other Operating Expenses | -21.2 | -1.9% | -15.0 | -2.0% | 41.1% | -17.7 | -1.7% | 19.7% | -142.6 | -3.6% | -102.0 | -3.0% | 39.8% |
Other Operating Income | 12.9 | 1.2% | 32.8 | 4.4% | -60.6% | 22.7 | 2.2% | -43.1% | 53.0 | 1.3% | 69.5 | 2.1% | -23.8% |
Equity Equivalence | 0.3 | 0.0% | -0.3 | 0.0% | -197.6% | 0.4 | 0.0% | -36.6% | 0.47 | 0.0% | -0.45 | 0.0% | -205.0% |
Total Operating Exp/Income | -222.9 | -20.1% | -121.2 | -16.3% | 84.0% | -176.7 | -17.1% | 26.1% | -811.3 | -20.5% | -596.0 | -17.6% | 36.1% |
Values in R$ millions and % over Net Revenue |
The fourth quarter saw an 84.0% increase in operating expenses and revenues compared to the same period last year. Below are some highlights of the quarter:
The increase in sales expenses is mainly attributed to sales campaigns and marketing costs for promotions and commissions.
As for administrative expenses, the highlights were M&A expenses (R$0.6 million in the quarter and R$7.2 million in the year). Given the connection with the Company's M&A strategy, which is increasingly one-off, these expenses will not be considered for adjusted EBITDA purposes.
Other operating income show increased balance due to the reversal of the restructuring provision of the subsidiary Fanacif S.A. (R$3.0 million) and the Green Mobility and Innovation Program (Mover) in the amount of R$10.5 million.
The most relevant impacts on other operating expenses include the update of the business combination (supervenience) of R$2.0 million of Nakata Automotiva S.A. (in 4Q23 there was a reversal of R$28.5 million), in addition to the reversal of impairment in the parent company and in Frasle Europe B.V. (Netherlands warehouse) of R$2.4 million (impairment amount in 4Q23 was negative R$13.3 million).
EARNINGS RELEASE 4Q24 | 10 |